MGE Energy (MGEE) Q4 2025 earnings summary

Executive summary

• Delivered stable earnings growth with a 5-year EPS CAGR of 7.4% and 50 consecutive years of dividend increases.

• Reported full-year 2025 GAAP earnings of $135.9 million ($3.72 per share), up from $120.6 million ($3.33 per share) year-over-year.

• Fourth-quarter 2025 earnings were $23.3 million ($0.64 per share), compared to $22.0 million ($0.61 per share) in Q4 2024.

• Maintains a diversified customer base with 170,000 electric and 180,000 gas customers, primarily residential.

• Service territory in Madison and Dane County is experiencing robust population and economic growth.

Financial highlights

• Full-year 2025 diluted EPS was $3.72, up from $3.33 in 2024; Q4 2025 EPS was $0.64, up from $0.61 in Q4 2024.

• Full-year 2025 operating revenues reached $743.7 million, up from $676.9 million in 2024.

• Operating income for 2025 was $170.7 million, compared to $146.3 million in 2024.

• Electric utility segment contributed $2.35 to 2025 EPS, gas utility $0.44, nonregulated energy transmission $0.68.

• 10-year regulated asset CAGR of 7.5%.

Outlook and guidance

• Forecasts $1.9 billion in capital investment from 2026–2030, a 36% increase from prior plan.

• Plans to add ~500 MW of capacity, including ~330 MW of renewables and storage.

• Ongoing evaluation and engagement with large-load customers, including data centers.

• Regulatory proceedings underway to establish rate structures for large-load customers.

• Forward-looking statements caution about uncertainties and risks, referencing the 2025 Annual Report for further details.